<PRE><B>Question 868538</B>
    sam opened a savings account with $2,400. The account earns 3% interest rate, compunded bi-monthly(every two months). 

Write an equation to represent B, the balance in the account after t years. ------
A(t) = 2400(1+(0.03/6))^(6t)
-------
How long will it take for the balance in the account to double.
Solve:: (1+(0.03/6))^(6t) = 2
-----
(1.005)^(6t) = 2
------
6t = ln(2)/ln(1.005)
6t = 138.98
t = 23 years when rounded down
==================
Cheers,
Stan H.
------------------
</PRE>